Disclosures and Disclaimers

c Securitas

Disclosures and disclaimers

Carnegie Investment Bank AB Carnegie Investment Bank AB (publ.) is a leading investment bank with a Nordic focus. The Carnegie group of companies, together "Carnegie", generates added value for institutions, companies and private clients in the areas of trade in securities, investment banking and private banking. Carnegie has approximately 600 employees, located in offices in six countries. Ratings and risk assessment structure Potential conflicts of interest Current rating system as of October 2011 Carnegie, or its subsidiaries, may from time to time perform investment banking or other services for, Buy (B), upside of at least 10% to the target price and with an attractive risk/reward profile or solicit investment banking or other business from, any company mentioned in this report. Any such Hold (H), neutral risk/reward profile or the stock is trading relatively near its target price publicly announced business activity, during the past 12 months, will be referred to in this report. 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Carnegie AS is responsible for the preparation of this research report may also use different valuation multiples, e.g. P/E ratio and EV/EBIT multiples, relative to industry peers to obtain in Norway. Carnegie Inc. is responsible for this research report in the US. a target price. For companies where it is appropriate, a target price can also be based on the analyst’s assessment The information in this report was obtained from various sources. While all reasonable care has been of a fair ratio relative to the net asset value of the company. Target prices are revised when earnings and cash taken to ensure that the information is true and not misleading, Carnegie does not guarantee its flow forecasts are changed. Thus, changes to estimates are a key risk to the target price. Other reasons for revising accuracy or completeness. If the report has been disclosed to the issuer and amended following this target prices include changes in the underlying value of a company’s assets and when factors affecting the required disclosure before its dissemination, it will be referred to in the company-specific disclosures. Carnegie, rate of return change, which can also be seen as risk factors to the target price. its subsidiaries and any of their officers or directors may have a position, or otherwise be interested Information in, transactions in securities that are directly or indirectly the subject of this report. Any significant You will find detailed information about the valuation or methodology, the underlying assumptions and risks on financial interests held by the analyst, Carnegie or a legal person in the same group in relation to the Carnegie Edge (www.carnegie-edge.com). The complete history of research reports and previous issuer will be referred to in the company-specific disclosures. recommendations can also be found on Carnegie Edge. This research report is prepared for general circulation and general information only. It does not have regard to the specific investment objectives, financial situation or particular needs of any specific person Research coverage who may receive this report. Investors should seek financial advice regarding the appropriateness of Carnegie’s research analysis consists of case-based analyses, which implies that the frequency of the analytical investing in any securities or investment strategies discussed or recommended in this report and should report may vary over time. Unless otherwise expressly stated in the report, the analysis is updated when understand that statements regarding future prospects may not be realized. Past performance is not considered necessary by the research department, for example in the event of significant changes in market necessarily a guide to future performance. Carnegie and its subsidiaries accept no liability whatsoever conditions or events related to the issuer/the financial instrument. for any direct or consequential loss, including, without limitation, any loss of profits arising from the Analyst certification use of this report or its contents. This report may not be reproduced, distributed or published by any recipient for any purpose. The document may not be distributed to physical or legal entities that are The research analyst or analysts responsible for the content of this report certify that, notwithstanding the citizens of or domiciled in any country in which such distribution is prohibited according to applicable existence of any potential conflicts of interests referred to herein, the views expressed in this report accurately laws or other regulations. reflect the research analyst’s personal views about the companies and securities covered. It is further certified that the research analyst has not been, nor is or will be, receiving direct or indirect compensation related to the Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability regulated by the specific ratings or views contained in this report. Swedish Financial Supervisory Authority (Finansinspektionen). This report is distributed in Sweden by Carnegie Investment Bank AB. Carnegie UK is the UK Branch of Carnegie Investment Bank AB which

is authorised by the Swedish Financial Supervisory Authority and subject to limited regulation by the UK Financial Conduct Authority. This report has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Carnegie UK and issued by it in the UK. In Finland this report is issued by Carnegie Investment Bank AB, Finland Branch. The Finland branch is authorised by the Swedish Financial Supervisory Authority and subject to limited regulation by the Finnish Financial Supervisory Authority (Finanssivalvonta). In Norway this report is issued by Carnegie AS, a wholly-owned subsidiary of Carnegie Investment Bank AB. Carnegie AS is regulated by the Financial Supervisory Authority of Norway (Finanstilsynet). In Denmark this report is issued by Carnegie Investment Bank AB, Denmark Branch. The Denmark branch is authorised by the Swedish Financial Supervisory Authority and subject to limited regulation by the Danish Financial Supervisory Authority (Finanstilsynet). This report is distributed in the US by Carnegie, Inc., a US-registered broker-dealer. This report is provided for informational purposes only and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy any securities. Any US person who wishes to effect transactions based on this report should contact Carnegie Inc. Investors in the US should be aware that investing in non-US securities entails certain risks. The securities of non-US issuers may not be registered with, nor be subject to, the current information reporting and audit standards of the US Securities and Exchange Commission.

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c Securitas

Securitas price, rating and target price history (SECUb.ST) Market price 170 Date Analyst Ccy Target Price when disseminated Rating 160 23 Jun 2021 15:15 Viktor Lindeberg SEK 148.00 128.00 Buy 06 May 2021 07:24 Viktor Lindeberg SEK 148.00 143.40 Hold 150 20 Apr 2021 08:42 Viktor Lindeberg SEK 146.00 149.15 Hold 140 05 Feb 2021 06:15 Viktor Lindeberg SEK 142.00 128.95 Hold 130 18 Jan 2021 16:36 Mikael Löfdahl SEK 155.00 134.40 Buy 26 Oct 2020 14:27 Mikael Löfdahl SEK 160.00 133.60 Buy 120 30 Jul 2020 06:32 Mikael Löfdahl SEK 155.00 134.20 Buy 110 15 Jul 2020 17:17 Mikael Löfdahl SEK 145.00 128.70 Buy 100 08 May 2020 06:32 Mikael Löfdahl SEK 140.00 120.35 Buy 02 Apr 2020 18:02 Mikael Löfdahl SEK 125.00 101.60 Buy 90 01 Aug 2019 07:52 Mikael Löfdahl SEK 160.00 150.00 Hold 80 H B H B HB 30 Apr 2019 06:04 Viktor Lindeberg SEK 165.00 166.00 Hold 08 Feb 2019 06:36 Viktor Lindeberg SEK 160.00 140.70 Buy 30 Jul 2018 06:10 Viktor Lindeberg SEK 160.00 154.70 Hold Jun 21 Jun 18 Jun 19 Jun 20 Sep 18 Sep 19 Sep 20 Mar 18 Mar 19 Mar 20 Mar 21 Dec 18 Dec 19 Dec 20 26 Jun 2018 10:32 Viktor Lindeberg SEK 155.00 142.95 Hold

Target Price changes

Our Target Price Horizon is 6–12 months Source: Carnegie Research, Factset

Company specific disclosures The following disclosures relate to relationships between Carnegie Investment Bank AB (with its subsidiaries, "Carnegie") and the subject company.

Within the past 12 months Carnegie (refer to definition in disclaimer text) has received compensation for investment banking services regarding Agilyx AS, Airthings ASA, Aker ASA, Aker Carbon Capture AS, Aker Clean Hydrogen AS, Aker Horizons, Aker Offshore Wind AS, Aker Solutions, Arribatec Solutions ASA, BW Ideol, BW Offshore, Bygghemma, Cloudberry Clean Energy, CSAM Health Group AS, Dustin, Edgeware, Enad Global 7, Entra, Flyr AS, Hexagon Composites, Hexagon Purus AS, Klövern, Link Mobility Group Holding ASA, Meltwater, Musti Group Oyj, Panoro, PatientSky, Pexip, Qliro, SalMar, Self Storage Group, Serneke, Stillfront Group, Targovax and Tekna Holding. Within the past 12 months Carnegie (refer to definition in disclaimer text) has managed or co-managed a public offering of securities of Azelio, Balder, Bang & Olufsen, BioGaia, Bygghemma, Calliditas, Camurus, Cantargia, Catena Media, Cint, Desenio, Dustin, Embracer Group, Enad Global 7, Fasadgruppen, Fractal Gaming Group, Genova Property Group, InDex Pharmaceuticals, Isofol Medical, Nilar, Nimbus, Nordnet, Ovzon, Pierce Group, RugVista, Serneke, Sinch, Sitowise Group Oyj, Thunderful, Trianon and Xvivo. Please see Carnegie’s website for a full list of shares owned by employees of Carnegie AS in relation to potential conflicts of interest: www.carnegie.no (Securities, Research, Disclaimer). Carnegie AS may also own shares in connection with trading. This disclosure is made to meet Norwegian best practice. Since September 30, 2010 Carnegie Investment Bank AB acts as a market maker in the Fastpartner share. Since September 30, 2010 Carnegie Investment Bank AB acts as a market maker in the Kindred share. Since 1 December, 2014 Carnegie Investment Bank AB acts as a market maker in the Solar share. Since 17 November, 2016 Carnegie Investment Bank AB acts as a market maker in the TF Bank share. Since 16 July, 2018 Carnegie Investment Bank AB acts as a market maker in the Handicare share.

Stock rating distribution in the previous 12 months

Ratings Carnegie coverage universe Investment banking services* % of total % of total Buy 53 74 Hold 40 25 Sell 7 2 *Investment banking services provided by Carnegie in the previous 12 months

10 24 June 2021